Over 90 per cent of the world's largest companies will have at least one asset highly exposed to the physical impacts of climate change by the 2050s, data and analysis from index and ratings provider S&P Global showed on Thursday.
If the world continues on the same path as it is now and fails to rein in climate-damaging emissions, 98 per cent of the largest companies - classed as those in the S&P Global 1200 index - could be highly exposed by the 2090s, it added. "Investors and companies are seeking advanced analytics to respond to the financial impact of climate change. Essential to this, is the ability to quantify the financial impact of climate change at asset level to enable meaningful mitigation and adaptation planning," James McMahon, Chief Executive Officer of The Climate Service, part of S&P Global, said in a statement.
By the 2050s, each company would have at least one asset with a score of over 75, which is considered to be at a significantly high risk from extreme heat, extreme cold, wildfire, water stress, drought, coastal flood, fluvial flood and tropical cyclone.
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